How Do You Solve a $6 Trillion Problem?

May 14, 2020

Because the global economy has transitioned from manufacturing to one based in knowledge, cyberattacks are now the fastest-growing crime in the world and are expected to cost businesses and governments $6 trillion a year by 2021.

Today, a company’s most valuable assets are its intellectual property and proprietary data. Systems are becoming more interconnected, workforce habits are decentralising, and cyberthreat is on the rise as bad actors become more sophisticated in capitalising on security weaknesses.

Data is possibly the most important digital asset that any modern company holds. In fact, recent analysis has found that data has now surpassed oil as the world’s most valuable commodity in the global economy. As with anything valuable, we must carefully consider our actions around protecting it most efficiently. This will increasingly become the case as we move into a new, data-led decade built on rapid technological advancements.

6 trillion dollar problem

So, what do we do? How do we solve a problem that’s based in the reality of how we live and work today, a problem that’s costing the global economy $6 trillion?

Collectively, global business needs a paradigm shift in how we manage data at scale, along with a rethink in the way we use encryption to protect digital assets, in a way that doesn't inhibit mobility and productivity.

To achieve this, cyber protection must move away from purely looking at data protection as a perimeter issue and rather look at how we protect the value of data as an asset that exists outside of the company’s four walls.

From a technology standpoint, the systems enabling flexible and remote work have been available for some time. And as virtual business transactions become the norm, C-level executives need to catch up with their IT infrastructure and roll out updated processes for digital work.

At Wire, we believe that tools built with security at their core will lead the future of work, and only by providing modern security infrastructure and tools can workers be properly trained, prepared, and equipped to protect digital assets and ultimately safeguard their data from the $6 trillion costs in global cybercrime.

About Wire

Wire is the most secure collaboration platform, transforming the way organizations communicate at the same speed that our founders disrupted telephony with Skype. Featuring messaging, voice and video calling, file-sharing, and external collaboration - all protected by end-to-end encryption. Wire has been recognized by IDC, Forrester, and Gartner as one of the most effective and secure communications platforms there is on the market today.

Start securely collaborating and communicating with a free 30-day trial of Wire.

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